- SOL trades around 28% high since last week.
- Solana has its price sagging around its nearly 3-week support trend.
- 40-MA has acted as SOL’s support.
Can SOL Outperforms ETH?
Solana has seen heightened gains over the past weeks, outperforming the tokens in the top-100. That was after the alternative asset rose to $220 from $70 in about 16 days. Such price developments saw Solana rising, flipping most assets to attain the #7 rank.
Solana is a crypto project that targets to offer DeFi solutions with its efficient blockchain network. The tokens outperform most assets, including ETH. That is because Solana can complete multiple transactions quicker without high charges.
Solana’s features have attracted many bullish investors to the blockchain. That is why the crypto registered explosive price surges over the past few weeks. For instance, SOL has maintained its price action over a support line as it rose from $60 towards $220.
However, the token’s surge created an uptrend that rejected the crypto once it touched it. The trend lines formed an ascending widening wedge, a neutral formation that keeps the token’s actions within the two trends until a breakout in either direction. While writing these lines, SOL battled with the trend as bullishness strived to maintain the price within this range.
If Solana can maintain this trend, market players can expect the token to surge towards the critical resistance area at $200.
Price Analysis
The 40 Moving Average has served as Solana’s support since the bullish run that started on 26 August. The MA corresponds with the crucial support trend that held SOL in its entire upsurge.
If bears dominate the market to pull the crypto under these levels, Solana might plunge to land around $167. If it fails to maintain this support, the token will endure extended drops to the support located at $150. With such bearishness, SOL will confirm a downswing after the lucrativeness for more than one month.
According to the stochastic RSI, the strength has been in the oversold territory for more than two days. Meanwhile, the MACD has floated in a bullish region over the zero value.
Intraday Analysis
- Spot rate – $178
- Trend – Bullish
- Volatility – Medium
- Support – $167
- Resistance – $181
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